I converted from a construction loan to a mortgage loan in Feb. 2019. The 1098 from the bank has in block 6 the amount of points paid. This is my primary residence now. Turbo tax only gives me two choices when dealing with mortgage entries: spread out points over the 30 years of loan or no points paid. The help drop down box tells me I can deduct the all the points for 2019 if this was not for a second home, a home equity loan, or loan to refinance home. Where can I do this as turbo tax only offers amortize or no points paid?
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You are allowed to deduct the points in 2019. When you are obtaining a mortgage loan by paying off a construction loan you are not considered to be refinancing the loan.
The new mortgage is your primary mortgage loan. If you refinance this loan and pay points, you will be required to amortize the points over the life of the loan.
I have the same issue as the person's question you replied to. Construction loan to mortgage loan once house was built in 2019. I have points listed on my 1098 in box 6, but Turbo Tax H&B only has 2 check boxes. 1 to spread out of life of loan and other saying no points. I should be able to deduct the all the points in 2019 as this is my primary residence. Why isn't Turbo Tax allowing us to do that?
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